London Stocks Open Higher as Oil Stocks Rise
The FTSE 100 is up 0.4% at 7163.31 in early trade Monday, helped
by gains in heavyweight energy stocks due to higher crude oil
prices. Royal Dutch B shares rise 1.5%, while BP is up 0.9%.
Property stocks and some retailers rise as investors continue to
buy into prospects of a strong economic recovery despite reports
that the U.K.'s planned full reopening of the economy could be
delayed by four weeks due to rising Covid-19 cases. These reports
weigh on travel stocks with British Airways-owner International
Consolidated Airlines down 2.1% and InterContinental Hotels down
0.7%. This week will see a raft of U.K. data releases, including
inflation, unemployment and retail sales figures. Investors will
likely stay cautious ahead of a U.S. Federal Reserve decision
AfriTin Mining 1Q Production Fell But Beat Target
AfriTin Mining Ltd. said Monday that production from its Uis tin
mine in Namibia fell in the first quarter of the fiscal year but
Saga Says Cash Burn in Travel Business for Feb-May at Lower End
Saga PLC said Monday that cash burn at its travel business for
the four months ended May 31 was at the lower end of its previous
guidance of seven million to nine million pounds ($9.9
million-$12.7 million) a month, and that subject to government
restrictions the business is due to restart June 27.
SourceBio Expects 2021 Revenue, Earnings Growth on Covid Travel
SourceBio International PLC said Monday that it has traded well
in 2021 to date, with revenue, earnings and cash generation
significantly ahead of the same period a year prior.
Synectics Expects Narrowed 1H Operating Loss
Synectics PLC said Monday that it expects a reduced operating
loss for the first half of fiscal 2021 on the back of lower
Esken Says Stobart Air to Cease Trading, Appoint Liquidator
Esken Ltd. said Monday that Stobart Air will cease trading, has
terminated its franchise agreement with Aer Lingus --a member of
International Consolidated Airlines Group S.A.-- and is taking
steps to appoint a liquidator
Tanfield 2020 Loss Widened on Higher Costs
Tanfield Group PLC reported Monday a widened pretax loss for
2020 on higher costs.
Gresham House Strategic Appoints Interim Chairwoman
Gresham House Strategic PLC said Monday that it has appointed
Nonexecutive Director Helen Sinclair as its new chairwoman on an
interim basis, with immediate effect.
Draper Esprit FY 2021 Profit Surged; To Move Listing to London's
Draper Esprit PLC said Monday that operating pretax profit for
fiscal 2021 rose sharply as the value of its investments surged,
and that it plans to move its listing to the main market of the
London Stock Exchange.
Silver Bullet Data Services to Float on London's AIM
Silver Bullet Data Services Group PLC said Monday that it plans
to float on London's junior AIM, with trading expected to start
later this month.
Scirocco Energy's 2020 Loss Widened; To Invest GBP1.2 Mln in
Scirocco Energy PLC reported Monday a widened pretax loss for
2020 on higher costs and said it intends to invest in Energy
Acquisitions Group Ltd., a specialist acquisition and operating
vehicle in the sustainable energy sector.
EEnergy Appoints Crispin Goldsmith to Lead M&A Strategy
EEnergy Group PLC said Monday that it has appointed Crispin
Goldsmith to lead its mergers and acquisitions strategy.
Sound Energy Agrees to Conditional Purchase of Schlumberger Silk
Sound Energy PLC said Monday that it has conditionally agreed to
buy Schlumberger Silk Route Services Ltd. from Schlumberger
Holdings II Ltd.
Scor, Barclays End Dispute Over Failed Takeover From Covea
Scor SE and London-based lender Barclays PLC have put an end to
their legal dispute related to the failed takeover attempt of the
French insurer by rival Covea, Scor said Monday.
Advanced Economies Are on Track for a Strong Rebound, Berenberg
0821 GMT - The economic outlook continues to brighten for
advanced economies, Berenberg says, and beyond a strong rebound,
the German bank expects a long period of elevated gains in
productivity and per-capita GDP. Berenberg's forecasts are based on
three key assumptions: the pandemic ceases to be a major drag on
economic performance in the second half of 2021, the rise in
inflation won't be so pronounced as to force central banks to step
on the brakes, and economic policy commits no major mistakes by
hiking taxes and tightening regulations excessively. Berenberg last
week raised its 2021 economic growth forecasts for the eurozone to
4.7% from 4.5%, and for the U.K. to 7.0% from 6.8%.
Serco Gains as UK Pandemic, Defense Contracts Show
0820 GMT - Outsourcing group Serco has strengthened its
relationship with the U.K. government over the coronavirus
pandemic, and its joint venture's Defence Infrastructure
Organisation win is important, bringing a number of key
opportunities over the next six months, Liberum says. "Serco is
demonstrating its resilience and should be capable of further
growth and margin expansion, particularly in the U.S., where the
positive defense outlook is often overlooked," the brokerage says.
The company's share price look attractive, given the underlying
growth and management's track record of cautious guidance, Liberum
says. Liberum retains its buy rating and target price of 180 pence.
Shares are up 4.2% at 141.4 pence.
Serco's Contract Wins Are Likely to Raise Market Views
0817 GMT - British outsourcing group Serco's contract win with
the U.K.'s Defence Infrastructure Organisation is likely to lead to
an increase of 8%-10% in market consensus earnings-per-share
forecasts for fiscal 2021 and fiscal 2022, Jefferies says. The
combined contracts represent a GBP900 million total core value and
an additional GBP2.5 billion in variable work, and contract margins
are consistent with management's 5%-6% target, the U.S. bank says.
"Recent underperformance has partly been driven by fears of a
challenging growth environment in defense following the [Atomic
Weapons Establishment] contract's move back in-house," says
Jefferies. The bank retains its buy rating and price target of
170.0 pence. Shares are up 4.3% at 141.5 pence.
Cambridge Cognitions Contract Wins Underpin Forecasts
0809 GMT - Cambridge Cognition's new contracts worth GBP1.4
million to provide wearables to a pharmaceutical client illustrate
the company's strategic objective of upselling its services,
finnCap says. A large portion of the contracts comprise supply, so
margins are lower than software and services led contracts, but
together with existing deals this year the contracts will underpin
more than 90% of fiscal 2021 forecasts, the brokerage says. "We
leave forecasts unchanged for the time being but increase our
target price to 150 pence to reflect contract wins," finnCap says.
If Cambridge maintains its momentum there is scope in due course
for upgrades, finnCap says. Shares are up 7.1% at 150.0 pence.
Evgen Pharma's Reports on SFX-01 Drug Candidate Are
0802 GMT - Evgen Pharma has provided positive evidence of
progress being made in the use of its SFX-01 drug in both
metastatic breast cancer and glioma brain tumor settings, finnCap
says. Evgen has shown new data supporting the original work in
glioma, and evidence to suggest that SFX-01 is able to suppress
tumor growth in CDK4/6 inhibitor cell lines for breast cancer is
encouraging, the brokerage says. "We expect the interim efficacy
analysis of the first 100 patients of Phase 2/3 STAR trial
imminently," finnCap says, reiterating its 29 pence target price.
Shares are down 1.2% at 8.35 pence.
Ted Baker's Strong Foundations Spell Promising Recovery
0755 GMT - Ted Baker has delivered a more resilient year than
expected, which bodes well for the future recovery of the lifestyle
brand, according to Liberum. "With the foundations now fixed there
will be a shift of focus towards growth opportunities, which make
for an exciting outlook... Ted Baker remains one of our favorite
vallolue and recovery plays," the brokerage says. Liberum has a buy
rating on the stock and a target price of 225 pence. Shares are up
0.9% at 167.9 pence.
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
June 14, 2021 04:48 ET (08:48 GMT)
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